[Form 4] MERCURY GENERAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Mercury General Corp. reported a Form 4 showing that Pang Wei, the company's VP/Chief Technology Officer, received 1,831.48 restricted stock units (RSUs) on 10/09/2025. Each RSU is economically equivalent to one share of common stock and will vest in two tranches: two-thirds on the first anniversary of the grant and the remaining one-third on the second anniversary, with settlement to be made in cash upon vesting. The reported grant has an exercise/conversion price of $0, and the reporting was filed by a single reporting person. The filing documents the timing and cash-settlement structure but does not disclose broader compensation totals or the grant’s impact on outstanding share count.

Positive

• Retention-focused vesting with two-thirds vesting at one year supports continuity in technology leadership
• Cash settlement avoids dilution of common shares for existing shareholders

Negative

• Creates a future cash liability that will require funding when RSUs vest
• Filing lacks aggregate compensation context, so investor impact on total pay or outstanding liabilities is unclear

Insights

Compensation Analyst

Grant aligns executive pay with multi-year retention through cash-settled RSUs.

The award of 1,831.48 RSUs vests two-thirds at one year and the remainder at two years, which promotes short- to medium-term retention for the VP/CTO. Cash settlement means the company will record a cash obligation when vesting occurs rather than issuing new shares.

The main dependency is the company’s future cash flow and budgeting for payouts over the next 24 months; monitor periodic filings and the compensation table in upcoming proxy statements for aggregate impact.

Corporate Governance Specialist

Structure is standard for restricted awards but increases near-term cash compensation exposure.

Using cash-settled RSUs preserves share count while creating a liability on the balance sheet; this changes how compensation expense and cash obligations appear in financials. The grant’s size (1,831.48 units) appears modest relative to typical executive packages but the filing does not disclose total outstanding awards or policy limits.

Watch for disclosure of the grant in the next proxy or Form 10-K to see aggregate officer compensation and any changes to equity-award policies over the next 12–24 months.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Pang Wei

(Last) (First) (Middle)

C/O MERCURY GENERAL CORP.

4484 WILSHIRE BOULEVARD

(Street)

LOS ANGELES CA 90010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MERCURY GENERAL CORP [ MCY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP/Chief Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	10/09/2025		A		1,831.48		(1)	(1)	Common Stock	1,831.48	$0	1,831.48	D

Explanation of Responses:

1. Each restricted stock unit is the economic equivalent of one share of the Issuer's Common Stock. The restricted stock units will vest as to two-thirds of the award on the first anniversary of the grant date and remainder one-third will vest on the second anniversary of the grant date and will be settled in cash upon vesting.

	/s/ Judy Walters, Attorney-in-Fact	10/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Mercury General (MCY) report on Form 4 for 10/09/2025?

The company reported that Pang Wei, VP/Chief Technology Officer, was granted 1,831.48 RSUs on 10/09/2025, with vesting in two tranches and cash settlement upon vesting.

When do the RSUs granted to Pang Wei vest?

The RSUs vest two-thirds on the first anniversary of the grant date and the remaining one-third on the second anniversary.

Will these RSUs dilute MCY's share count when they vest?

No; the award is structured to be settled in cash upon vesting, so it does not directly increase outstanding common shares.

What is the price noted for the RSU grant?

The conversion/exercise price is reported as $0, reflecting that each RSU is an economic equivalent of one share and settlement is in cash.

Does the Form 4 show aggregate executive compensation or outstanding awards?

No; the filing only details this specific grant and its vesting schedule and does not disclose total compensation or total outstanding awards.